OCBC Leverages Citi Platform for Securities Lending
Shortly after forming a dedicated securities financing team, OCBC has announced that it would leverage a Citi platform to support the business.
OCBC has rolled out a securities lending program by leveraging the Citi Securities Lending Access (CSLA) platform, according to a statement.
Currently, the program is open to OCBC Securities customers with the lending of US and Hong Kong shares. The offering will be extended to Bank of Singapore clients later this year, initially with the lending of Singapore, Hong Kong, US and Japan shares.
By lending idle securities to institutional borrowers, investors can earn fee income while still receiving dividends, coupon payments, bonus issues and retain full flexibility to sell their securities at any time.
CSLA Platform
Launched in 2021, the CSLA platform digitizes and simplifies the entire securities lending lifecycle while providing access to institutional borrowers such as prime brokers and investment banks globally. The borrowed securities will be utilized to cover positions in various strategies, including short selling, arbitraging and hedging.
«We are delighted to be able to collaborate with Citi, leveraging their best-in-class technology and deep expertise in this field, to offer securities lending services to our clients. Securities lending brings benefits such as higher trading volumes, price discovery and market efficiency,» said Kenneth Lai, OCBC’s head of global markets.
The Singapore bank’s roll-out of the program follows an announcement last week to form a dedicated securities financing unit led by 25-year veteran Jansen Chua.
